Customs Withdraws Bonded Warehouse Scheme for Diamonds and Gemstones; Existing Licenses to Surrender Within Three Months.
The circular from the Commissioner of Customs at the Air Cargo Complex in Mumbai announces the withdrawal of the scheme allowing the setup of private/public bonded warehouses for diamonds and gemstones, as per the Foreign Trade Policy 2009-14. Previously governed by paragraph 4A.18 of the Foreign Trade Policy 2004-09, this scheme permitted import and re-export of gemstones with a minimum value addition of 5%. With its removal, no new licenses will be issued, and existing warehouses must surrender their licenses within three months. During this period, diamonds and gemstones will be treated as dutiable goods for regulatory purposes.
Full Summary is availble for active users!
Note: It is a system-generated summary and is for quick
reference only.